VNE - Qualcomm stock could face more technical headwinds after 15% correction

Shares of Qualcomm (NASDAQ:QCOM) -0.3% are off slightly in morning trading and now down nearly 16% from the recent peak hit in late July. From a technical stadpoint, the stock moved into oversold territory last week as the relative strength index dropped below 30. The RSI is now at 26. That contrarian signal could spur some buying interest, but there's reason for concern looking at the simple moving averages. Qualcomm's (QCOM) 50-day SMA is a little more than $2 away from crossing below its 200-day SMA, a bearish technical signal known as a death cross. On Wall Street, Jefferies started coverage on QCOM at the beginning of the month with a hold rating and a price target of $137, noting the challenges of 70% earnings exposure to a maturing handset market. But Mizuho said yesterday it remains positive on handset makers with strong demand for 5G across the globe. Earlier this week,

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Qualcomm stock could face more technical headwinds after 15% correction